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SilverSun Technologies Inc. reports company developments tied to business software applications, managed IT services, and its SWK Technologies subsidiary. Recurring news covers SWK's role as a Sage and Acumatica partner, managed service provider recognition, cloud ERP implementation work, and customer-focused technology services for small and mid-market organizations.
Company updates also include completed business-asset acquisitions, operating and financial results, material agreements, shareholder voting matters, capital-structure disclosures, governance matters, and security-structure developments associated with the issuer's public-company status.
SilverSun Technologies (NASDAQ: SSNT) reported its Q1 2020 financial results with revenues of $10,079,524, up 8.3% year-over-year. Software sales rose 10.1% to $1,769,171. However, the company faced a net loss of $292,115, compared to a net income of $96,036 in Q1 2019, with a loss per share of $0.06. Gross profit increased by 2.4%, but gross margins decreased from 40.4% to 38.2%. CEO Mark Meller highlighted concerns about the economic impact of COVID-19 and rising operational expenses.